The proposed 2017 drill program at the TL Zinc property has been suspended. Allegations of third party interests in the 16 TL Claims under option to Pacific Ridge have been made and, to allow time to resolve the issue, the Optionor and Pacific Ridge have agreed to extend the Option terms by one year. Once the issue is resolved, the Company plans to resume the drill program, targeting coincident gravity and electromagnetic anomalies on the western side of the property associated with known zinc mineralization defined by trenching and shallow drill holes from 2011 and 2012.
The target at TL is a large Broken Hill type or SEDEX (Sedimentary Exhalative) Zn-Pb-Ag massive sulfide deposit.
Helicopter borne tree-top sampling with ground follow-up tree bark and Ah soil surveys (2006-2010) led to a hand-dug test pit discovery of zinc-rich gossans beneath thin overburden cover (2010).
In 2011, the property was optioned to Cullen Resources Ltd. Follow-up trenching revealed 10-30 m intervals of mineralized calcsilicate and glassy quartzite including a channel sample intersection of 3 m containing 9% zinc (massive sulfide consisting of pyrite, pyrrhotite, marcasite and sphalerite). Cullen subsequently completed a HELITEM(r) survey (Fugro Airborne Surveys) that identified the large Cottonwood Electromagnetic Conductor (CEC). It is strong, persistent, laterally continuous, shallow-dipping and its footprint exceeds 4 km2.
Late in 2012, Cullen completed 490 m of diamond drilling, located in the area of initial trenching. Massive sulfide containing up to 5% zinc was intersected within a zone of mineralization 10-13 m thick and having a strike length of 80 m. Cullen then dropped the property due to exhaustion of funds. It should be noted that the holes were shallow, to a maximum 100 m depth, and were drilled on the fringe of the CEC anomaly.
Subsequent prospecting (2014-15) led to the discovery of zinc-rich (2-19%) massive sulfides that occur above and along a logging road where CEC intersects the surface. CEC's significant size, lateral continuity, shallow depth and physical linkage to zinc-rich massive sulfides at surface demonstrate tonnage and grade potential. Additional sampling, mapping and geological modelling was undertaken in preparation for a future drill test of the CEC anomaly.
Pacific Ridge optioned the property in August, 2016.
The property is road accessible and located 80 km northeast of Vernon, British Columbia. Travel time from the town of Lumby to the centre of the property is about one hour on paved and good gravel roads. The property is ideally situated with nearby electrical power grid, rail and the Trail smelter.
The Monashee Complex is an upper amphibolite metamorphic facies Proterozoic basin developed between 1.8 and 2.0 billion years ago. At the TL property it forms an east-west trending belt of biotite-garnet (±hornblende) schist and paragneiss, marble, calcsilicate, amphibolitic schist and quartzite which dips gently to moderately west.
Mineralization is hosted in a graphitic and micaceous quartzite with disseminated pyrite, dark grey to black, biotite-quartz-garnet schist, a white, light grey and pale green calc-silicate quartzite and a calcareous quartzite and marble. Sphalerite occurs with pyrite and pyrrhotite as a semi-massive sulphide in a glassy quartz matrix that is deeply weathered and gossanous in places.
Of 56 grab samples collected of float and bedrock, 40 assayed +1% Zn with a range of 1.08% to 18.87% and an average of 4.96% Zn. Trenching in the area encountered a zone of 7.18% Zn over 4 m. Drilling encountered a 10 to 13 m thick sulphide mineralized zone with zinc values ranging from less than 1% to 5%. Mineralization encountered in trenches and drilling is believed to be a peripheral mineralized horizon stratigraphically above or distal to the main exploration target.
Pacific Ridge can earn a 100% interest in the TL property by making payments totaling $350,000, issuing 1,500,000 shares and completing $3,325,000 in exploration over five years. In addition, 500,000 bonus shares will be issuable upon cumulative exploration expenditures of $8 million and an additional 500,000 bonus shares will be issuable upon completion of a feasibility study. The vendors will retain a 3% NSR that can be bought down to 1.5% for $3,000,000.
In November and December 2016, the Company completed two holes for a total of 611 m at the eastern end of the main HELITEM electromagnetic conductor. Both holes intersected several zones of graphitic schist with disseminated sulphide mineralization that appear to be the cause of the electromagnetic anomaly. A one milligal gravity anomaly at the first hole drilled was not explained by anything seen in the drill hole. Base and precious metal values were negligible.